Many individuals across the country possess more than one bank account. So this news is only for those who have more than one bank account. A video was released some days back and it is going viral that anyone having an account in one or multiple banks will be fined. Because of which, fear has been generated all around account holders. But now everything regarding the viral news has been clarified by PIB (PIB fact check). Let’s know what PIB has said in this regard.
PIB Clearification
PIB puts facts straight according to this viral news: clear protect the customer from this false news and do not trust any of (PIB Clear fake news alert) the news before researching proper investigation judgment. Such news only creates a confusion pattern within the boundaries.
There has never been any public statement regarding this fine news from the officials of RBI or any other government wing, which affirms the imposition of fine for having multiple bank accounts. Hence, if there are several bank accounts in your name, you do not need to fear. The news is purely rumor.
No restriction on opening more than one account
As per the Reports from India any individual can open any number of accounts without restrictions. One person can only open one account in the bank but can open accounts in other banks too. Let us tell you that keeping savings account does not have any limit, but if a person deposits more than 10 lakhs in one financial year in his or her account, the Income tax department can question in this regard.
Laws of depositing money in the savings account
As mentioned above, an Indian can deposit any amount of money in a savings account according to the regulations because no limits are according to the Income Tax Act and banking operations regarding the monies on a savings account. However, the holder of this bank account would need to pay tax on the income therefore accrued in the savings bank of this bank.
